WayaWaya, a Kenyan-based financial technology company, has teamed up with Choice Bank, a microfinance institution regulated by the Central Bank of Kenya, to introduce WayaWaya Banking. This new offering leverages artificial intelligence to let customers establish bank accounts, maintain balances across different currencies, conduct both domestic and cross-border transactions, and settle utility payments.
The collaboration assigns Choice Bank the role of supplying the regulated banking infrastructure, while WayaWaya handles the technology platform and customer experience. The two organizations describe their alliance as merging the bank’s banking capabilities with WayaWaya‘s digital services and personalization technology.
WayaWaya implements what it calls “Intelligent Adaptive Banking,” where AI analyzes customers’ financial activity to modify the banking experience according to their particular needs. The platform offers personalized dashboards and tools based on how users earn, spend, save, invest, and manage their money, with the aim of adapting as their financial priorities change.
CEO and founder Teddy Ogallo argues that conventional banking forces customers to conform to rigid product structures rather than serving their actual requirements. According to Ogallo, banks traditionally build applications around products and expect customers to adapt to them.
Ogallo emphasized that financial services should align with real-world needs, whether someone operates a business, receives a fixed salary, or engages in investments. The platform is designed to present different tools depending on users’ financial activities, such as cash flow tracking for entrepreneurs or budgeting tools for salaried professionals.
For instance, entrepreneurs who regularly collect payments and pay suppliers could have cash flow, collections, and business expenses displayed prominently, while salaried professionals could have easier access to salary management, budgeting, and savings tools.
Choice Bank’s Patrick Russell, Chief Commercial Officer, explained that the bank’s infrastructure enables WayaWaya users to access banking services within the app. WayaWaya can then tailor how those services are presented to a business owner managing daily collections or an individual setting money aside.
Ogallo further described the technology as capable of interpreting financial activity and identifying patterns that help determine which services are most relevant to a customer. The idea is to move beyond customers having to search for financial services, with the platform increasingly anticipating their needs and making relevant financial capabilities accessible within their banking environment.
Leave a Reply